Reliance Industries’ digital and telecom arm, Jio Platforms, is poised to launch an initial public offering that could become the largest ever in India. The issue will be priced between ₹1,065 and ₹1,119 per share, and, at the top of the band, the company expects to raise roughly ₹30,213 crore by issuing up to 27 crore fresh equity shares with a face value of ₹10 each.
IPO Details and Market Sentiment
The subscription window is scheduled for 21 October to 23 October, with anchor‑investor bidding set for 19 October, according to regulatory filings. Analysts note that the grey‑market premium (GMP) currently sits at +₹235, pushing the implied listing price to about ₹1,354 per share—approximately 21 % above the upper end of the price band. Over the past 15 trading sessions the GMP has moved within a ₹87 range, showing no clear directional trend but indicating heightened investor interest.
Jio Platforms’ Operational Scale and Financial Performance
Incorporated on 15 November 2019, Jio Platforms operates across digital connectivity, consumer services and enterprise technology solutions. Its flagship subsidiary, Reliance Jio Infocomm Limited (RJIL), reported a customer base of 533.3 million as of 30 June 2026, while the broader Jio Platforms ecosystem counted 284.9 million 5G subscribers in the first quarter of FY27—making it the world’s third‑largest 5G user base.
The total customer base grew from 482 million in FY24 to 524 million in FY26, reaching 533 million in Q1 FY27. Net additions were 36 million in FY26, 6 million in FY25 and an additional 9 million in the first quarter of FY27. Average revenue per user (ARPU) rose from ₹181.7 per month in FY24 to ₹214 in FY26 and edged up to ₹215.6 in Q1 FY27. Monthly churn slipped to 1.6 % from 1.7 % in FY26, while data traffic climbed to 241.4 billion GB in FY26 and per‑user monthly consumption hit 43.7 GB in Q1 FY27.
Financially, the company posted consistent growth. Revenue from operations increased from ₹1,09,558 crore in FY24 to ₹1,46,885 crore in FY26. EBITDA rose from ₹54,341 crore to ₹73,382 crore over the same period, lifting the EBITDA margin to 50 % in FY26 from 49.6 % in FY24. Profit after tax (PAT) expanded to ₹30,064 crore in FY26, up from ₹21,422 crore in FY24, with the PAT margin improving to 20.5 % from 19.6 %. Earnings per share grew from ₹24 in FY24 to ₹33.6 in FY26. Return on equity reached 8.9 % and return on capital employed climbed to 12 % in FY26.
In the first quarter of FY27, Jio Platforms reported revenue of ₹39,173 crore, EBITDA of ₹19,840 crore and PAT of ₹7,765 crore, maintaining an EBITDA margin of 50.6 % and a PAT margin of 19.8 %.
Among listed peers, Bharti Airtel trades at a price‑to‑earnings (P/E) multiple of 40.71, while Vodafone Idea’s P/E stands at 3.99, underscoring the varied valuation landscape in India’s telecom sector.
Technology Assets and Future Growth Prospects
Jio Platforms’ technology footprint includes an integrated ecosystem that spans network infrastructure, device engineering, software, operating systems and digital applications. As of Q1 FY27, 12,477 employees—about 45 % of the total workforce—were dedicated to digital product and technology development. The company has filed 7,220 patent applications covering 4G, 5G, 6G, cloud‑native network architecture, AI‑led automation and related fields, with 2,655 applications in India and 4,565 overseas. In the 2025 WIPO PCT rankings, Jio was the only Indian firm among the world’s top 20, highlighting its emphasis on in‑house R&D.
Spectrum holdings further reinforce Jio’s market position. As of 30 June 2026, the firm owned India’s largest spectrum portfolio—26,800.8 MHz with an average remaining life of 16 years. It is the sole Indian operator with nationwide 5G spectrum across the 700 MHz, 3,300 MHz and 26 GHz bands, a mix that supports broad coverage, indoor penetration, mainstream 5G speeds and high‑capacity urban services such as JioAirFiber. This spectrum advantage has helped Jio deliver mobile broadband speeds more than twice the industry average over the past three years.
Beyond conventional mobile services, Jio Platforms is investing in satellite broadband, 6G research, cloud‑native networks and AI‑driven automation. The company is evaluating indigenous satellite constellations and partnering with global satellite operators to extend connectivity to remote locations. Its proprietary JioBrain platform automates network capacity allocation, predicts faults and optimises performance in real time, with potential to be offered as a managed service to overseas telecom operators and enterprises.
Under the IPO terms, anchor investors will have 50 % of their allotted shares locked for 30 days and the remaining 50 % locked for 90 days from the date of allotment, limiting immediate resale and providing a degree of price stability post‑listing.
Overall, the upcoming Jio Platforms IPO combines a substantial capital raise, a robust subscriber base, strong financial metrics and a deep technology and spectrum moat. Investors will be watching how the grey‑market premium evolves and whether the final listing price aligns with the premium‑adjusted estimate of roughly ₹1,354 per share.
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